SVB Leerink Says 'We Were Wrong,' Slashes Bluebird Bio Price Target

 

• After the FDA placed a clinical hold on Bluebird Bio Inc's (NASDAQ:BLUE) cerebral adrenoleukodystrophy gene therapy, SVB Leerink downgraded the stock to Market Perform from Outperform.
• Analyst Mani Foroohar also slashed the price target to $20, down from $64.
• In a note partially titled "We Were Wrong," Foroohar says the specifics of the safety event may not have read across to LentiGlobin in sickle cell disease and beta-thalassemia, "it does reflect an ongoing overhang of future headline risk." 
• At the same time, the company's decision to close EU commercial operations and focus on the U.S. market raises questions on commercial execution, Foroohar tells investors.

https://www.benzinga.com/analyst-ratings/analyst-color/21/08/22405940/svb-leerink-says-we-were-wrong-slashes-bluebird-bio-price-target